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Will Markets Break Resistance When $2B Crypto Options Expire Today?
TL;DR
On April 17, approximately 22,200 Bitcoin options contracts worth $1.66 billion will expire. Despite the expiry, the impact on spot markets is expected to be minimal as crypto prices have been steadily climbing.
Key points
- 22,200 Bitcoin options contracts expiring
- Notional value of $1.66 billion
- Put/call ratio is 1
- Max pain price is around $71,000
- Open interest highest at $80,000 strike price
Mentioned in this story
Coinglass
Around 22,200 Bitcoin options contracts will expire on Friday, April 17, with a notional value of roughly $1.66 billion. This event is a little smaller than last week’s expiry, so it is unlikely to have any impact on spot markets.
Crypto prices have been climbing slowly this week, with around $150 billion being added to total capitalization since Monday.
Bitcoin Options Expiry
This week’s batch of Bitcoin options contracts has a put/call ratio of 1, meaning that sellers of longs and shorts are evenly matched. Max pain is around $71,000, according to Coinglass, which is a little lower than current spot prices, so some could be out of the money on expiry.
Open interest (OI), or the value or number of Bitcoin options contracts yet to expire, remains highest at the $80,000 strike price on Deribit, with $1.5 billion as bullish bets take over, but bears still have $1.4 billion in OI at $60,000.
Total BTC options OI across all exchanges has been steadily climbing this month and is at $35.6 billion, according to Coinglass.
“Positioning has shifted from last week. BTC flipped from call-heavy to puts leading, while ETH OI grew week-on-week despite the broader market move,” commented Deribit.
🚨 Options Expiry Alert.
At 08:00 UTC tomorrow, ~$2.1B in crypto options are set to expire on Deribit.$BTC: ~$1.63B notional | Put/Call: 1.02 | Max Pain: $71K $ETH: ~$444.7M notional | Put/Call: 0.94 | Max Pain: $2,250Positioning has shifted from last week. BTC flipped from… pic.twitter.com/VMjM3W3XSV
— Deribit (@DeribitOfficial) April 16, 2026
As the price of Bitcoin continues to rebound, “the IV [implied volatility] of major-term options is actually decreasing, while Skew is clearly skewed positively,” stated crypto derivatives provider Greeks Live this week.
“The market has undergone a re-adjustment of its positional strategies, and the main participants have reached a consensus on the expected trends for the future – low volatility is becoming the prevailing trend in the market.”
Q&A
What is the total value of Bitcoin options expiring on April 17?
The total value of Bitcoin options expiring on April 17 is approximately $1.66 billion.
How does the put/call ratio for this week's Bitcoin options compare?
This week's put/call ratio is 1, indicating that sellers of longs and shorts are evenly matched.
What is the max pain price for the expiring Bitcoin options?
The max pain price for the expiring Bitcoin options is around $71,000.
